COLOGNE, Germany, Jan. 22 (UPI) -- Even as its U.S. mother company has become profitable, Ford Germany remains in the red.
Ford's German subsidiary reported Thursday that it probably lost 1.1 billion euros ($1.4 billion) in 2003, making last year the worst in the organization's history. Revenue shrunk by just under 2 billion euros ($2.5 billion) to a total of 14 billion ($17.6 billion).
Ford's U.S. division has reported a rebound, bouncing back to a profit of $495 million after a loss of almost $1 billion in 2002.
Ford Germany gave no 2004 revenue projections, but said new models, including the new Focus and Focus C-Max, should be a step in the right direction.
Ford's worldwide head, Bill Ford, said he is expecting a pre-tax profit of between $3.5 and $3.8 billion next year.
Ford's U.S. headquarters has called for significantly better results from Ford Europe and the Premier Automotive Group, which includes Jaguar, Land Rover, Aston-Martin and Volvo.
Ford sold 6.72 million cars worldwide last year, earning $138.4 billion in revenue.
